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20/05/2010

La gestion asiatique se rapproche de ses niveaux d'avant-crise

Les actifs sous gestion dans la zone asiatique s’inscrivaient à 950 milliards de dollars à la fin du premier trimestre 2010, se rapprochant ainsi du niveau record de 1,1 milliard de dollars atteint en 2007, selon Asian Investor qui cite des données de Cerulli Associates.Mais ce retour aux niveaux d’avant-crise s’est accompagné d’un certain nombre de changements significatifs. C’est ainsi que les fonds d’actions représentent désormais 47% des actifs sous gestion contre 23% il y a cinq ans alors que les fonds monétaires ne comptent plus que pour 16% du total contre 25% précédemment. La structure de la distribution a également évolué, les banques, dont les positions sont moins solides avec la montée en puissance des conseillers indépendants, représentant 43% des actifs vendus aux mutual funds à fin 2009, les maisons de titres 37% et les compagnies d’assurances seulement 4%.
20/05/2010

F&C renforce ses capacités de distribution en Italie

La société de gestion britannique cotée F&C Investments vient d’annoncer la signature d’un accord de distribution avec Allfunds Bank qui devrait lui permettre de renforcer sa présence sur le marché italien. F&C utlilise déjà la plate-forme de distribution de Allfunds en Espagne et en Amérique latine.Les actifs sous gestion de F&C s'élèvent à quelque 113,8 milliards d’euros pour le compte de plus de 3 millions de clients, tant retail qu’institutionnels.
20/05/2010

Barclays Wealth vise les 5 milliards d’euros d’encours en Italie

Barclays Wealth (220 milliards de dollars d’actifs administrés dans le monde) lance une grande campagne d’expansion et annonce dans ce cadre l’ouverture d’un siège à Rome, après Milan. Dans un entretien à Il Sole – 24 Ore, Thomas Kalaris, CEO du wealth management, indique que Barclays a décidé de doubler les investissement à l’échelle mondiale, avec 350 millions de livres sur les cinq prochaines années. En Italie, les encours sont à 1 milliard d’euros et l’objectif est de parvenir à 5 milliards sur cinq ans.
20/05/2010

Conversions of money market funds boost SRI market

The market of French resident SRI investors has grown from EUR30bn as of the end of 2008 to nearly EUR51bn as of the end of 2009, an increase of 70%. According to Novethic, which publishes the statistics, this is a “spectacular” rate of growth, higher than in previous years (+37% in 2008, and +30% in 2007). However, this growth of EUR21bn comes largely from conversion of traditional funds, many of them money market funds, to SRI (with these conversions accounting for EUR7.8bn). Inflows to SRI Sicav funds, for their part, came to EUR3.4bn, compared with EUR2bn in 2008. More than half of these inflows went to equities funds. The remainder of growth in assets comes from new institutional management mandates, an increase in internally managed assets, and positive market effects. The other remarkable fact in the year 2009 is a large increase in retail investors. Assets from retail savers rose 111% to EUR15.6bn. Novethic says “this sudden development reveals, on the one hand, the efforts of major banking and insurance networks, which are beginning to sell SRI products to this type of investors, largely via life insurance policies, and on the other hand, growth in SRI employee savings, which have nearly doubled between 2008 and 2009, to EUR6.5bn.”
20/05/2010

PowerShares preparing a corporate bond ETF

Invesco PowerShares on Tuesday submitted an application to the SEC for a license for a corporate bond ETF replicating the S&P International Corporate Bond index. The product, which charges 0.50% fees, should be launched in two months’ time, under the name PowerShares International Corporate Bond Portfolio. It will be managed by Peter Hubbard, Philip Fang and Jeffrey Kernagis.
20/05/2010

Pax World launches three ETFs that comply with ESG standards

Pax World Management on Wednesday announced the launch of its ETF range entitled ESG Shares, including products which rely solely on a sustainable development approach, and replicate indexes which integrate ESG (environmental, social and governance) factors. The first of these products, ESG Shares® North America Sustainability Index ETF (acronym NASI), was launched on 19 May. It replicates the FTSE KLD North America Sustainability index, which includes American and Canadian firms with higher-than-average ESG performance according to ratings by KLD Research & Analytics. It charges fees of 0.50%. The fund will be followed on Friday, 21 May by the ESG Shares® FTSE Environmental Technologies (ET50) Index ETF (ETFY), and will replicate the FTSE ET50 index of the 50 largest purely environmental firms worldwide. Lastly, on 25 May, Pax World will launch the ESG Shares® Europe Asia Pacific Sustainability Index ETF (EAPS), replicating the FTSE KLD Europe Asia Pacific Sustainability index. The two funds will charge management commissions of 0.55%. The portfolio manager for all three products is Chris Brown, CIO of Pax World.
20/05/2010

Danish fund ATP excludes Nissan from its investment universe

In its very first report on socially responsible investment (2009), the Danish pension fund ATP has announced that it is excluding Nissan Motor from its investment universe, due to its sale of weapons in Sudan via a joint venture with the Chinese firm DongFeng Motor. The social responsibility committee at ATP decided to exclude the firm in May 2009. The Chinese businesses DongFeng Motor and DongFeng Automotive are also excluded, as is Hyundai Motor, due to corruption allegations.
20/05/2010

CESR proposes harmonised classification system for money market funds

The Committee of European Securities Regulators (CESR) on 19 May published its recommendations for harmonised classifications of European money market funds. The recommendations aim to improve investor protection and to define applicable criteria for all funds applying to be labelled as money market funds at sale, with at least two requirements: invested capital must be protected, and withdrawals must be allowed on a daily basis. As several professional associations have sought, the CESR has divided the classification of money market funds into two major categories: short-term money market funds and money market funds. The former category of funds will invest in assets with a residual duration of less than 397 days, with a weighted average maturity (WAM) of a maximum of 60 days, and a weighted average life (WAL) of no more than 120 days. For “longer-term money market funds” (by the CESR terminology in a previous consultation), the respective maturities would be two years, six months, and twelve months. The CESR adds that for the two categories of funds, specific information materials would clearly explain the consequences of investment in this type of fund. The recommendations would come into force at the same time as the UCITS directive, on 1 July 2011, with a transitional period to allow for the adjustment of existing portfolios.
20/05/2010

New impact studies of Basel III commissioned

The Institute of International Finance (IIF) has warned against the impact of the future Basel III solvency standards. “Nobody contests the need to strengthen capital and liquidity at banks, but the macroeconomic effects should be very finely calibrated,” warns Stephen Green, president of HSBC and the IIF in a statement. With this in mind, the IIF has launched impact studies, whose findings will be published on 10 June.
20/05/2010

Newton wins a mandate for a Chinese fund

The London-based management firm Newton, an affiliate of BNY Mellon, has announced that Newton Investment Management has won an active management mandate for European equities from the Chinese national social security fund.
20/05/2010

Russell Investments extends partnership with Rayan

Russell Invesments on 18 May announced that its contract with Rayan Investment Management for representation and distribution of multi-management products from OpenWorld® by Russell Investments (Russell) in the Middle East has been extended. Since 2002, Rayan has offered Russell investment solutions to investors in the Middle East. “The extension of this collaboraion will allow investors in the region to access the advising services of Russell, and will permit existing clients to profit from its assistance in restructuring their international investments and defining top-quality policies, directives and investment solutions,” a statement from Russell Investments says. The success of the partnership has contributed to growth at Rayan, and to the recent appointment of Jean Abi-Mouad to the position of Managing Director.
20/05/2010

Credit Suisse/Tremont hedge fund index up 1.24% in April

According to final statistics, the Credit Suisse/Tremont index has posted growth of 1.24% in April. Nine strategies out of 10 have posted positive returns. The best returns were earned by managed futures (+1.89%), event driven (also 1.89%), and global macro (1.65%) strategies. Dedicated short bias, however, lost 4.37%.
20/05/2010

Range of SRI investment solutions broadening

In a very thorough study of the socially responsible investment (SRI) market (available at http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD000000000025760…), Deutsche Bank Research points out that the market is currently 90% controlled by institutional investors, but that the proportion of retail investors is increasing. However, DB Research also points out that beyond questions of comparing pure and extra-financial performance, and the fact that the number of providers of SRI products is increasing (the circle is no longer restricted to a small number of specialised institutes), the range of products is also getting broader. Previously, the range of products on offer had largely been limited to equities, but the centre of gravity is now expected to move more towards bonds and similar securities, due to the fact that the largest investors are institutionals. DB Research also predicts that there will be an increase in the supply of indirect investments in real estate, in an environment where real estate professionals will themselves need to confront stricter environmental standards.
20/05/2010

Allianz Europeanises its asset management activities

Alongside its two major global platforms, Pimco for bonds and RCM for equities, Allianz Global Investors has built up two regional organizations: one for the United States, entitled Allianz GI Capital (including Nicholas Applegate, NFJ and Oppenheimer Capital), and one for Europe, entitled Allianz Global Investors Investments Europe, including management firms in France (59 investment professionals, EUR72bn in assets) and Italy (36 professionals and EUR36bn in assets). The entity has been functioning in practice for six months, but AGI has preferred to perfect its system before unveiling it. The new structure, with Giovanni Bagiotti as CEO, will later be joined by other, smaller European affiliates, Switzerland, with a specialty in Swiss bonds, has EUR10bn in assets, while Austria is oriented to the emerging markets of Europe, and has EUR5bn under management, a size similar to that of the Netherlands, while Spain has EUR3bn to EUR4bn, according to Michel Haski, a member of the executive board at AllianzGI Europe Holdin, and CEO of AllianzGI France. The alternative management affiliate may be sold off. SRI capacities will be scaled up. This discipline represents EUR5bn in assets, of which EUR1bn is in the former AGF product Valeurs Durables.
20/05/2010

Syz and N+1 recreate AB Asesores

The Swiss bank Syx & Co, which has controlled 50% of the Spanish bank N+1 since July 2009, will own 50% of a new Spanish private bank which will be very similar to the old AB Asesores, according to financial industry sources. Expansión reports that the remaining 50% will be shared, 25% by N+1, which will not make its family office operations part of the new business, and 25% for four former directors of AB Asesores: Javier Arruti, Alfonso Gil, Ignaico Macro-Gardoqui, and Ana Beobide.The new entity will have both a fund management firm and a Sicav, and will also include the N+1 brokerage firm.
20/05/2010

Commissions continue to fall

In 2009, the average commissions earned by Spanish funds fell to 0.90%, compared with 0.97% in 2008, and 1.68% fifteen years ago, according to the Inverco association of management firms. On the basis of a figure of EUR160bn in assets, this means that revenues from commissions arithmetically diminished last year by 7.2% to EUR144m.
20/05/2010

Profits and assets up at Eaton Vance

In the half to 30 April, Eaton Vance Corp has announced net profits of USD97.53m, compared with USD52.27m in the corresponding period of last year. Assets under management totalled USD176.2bn, which represents a 9% increase over the total of USD161.6bn as of the end of January, and 39% up on the end of April 2009 (USD127.24bn). Of this total, separate accounts represented USD66.6bn. As of 30 April 2010, assets in equities funds represented USD61bn, while bond funds came to USD29.4bn. Net subscriptions in the quarter to the end of April totalled USD5.3bn, compared with USD3bn in the quarter to the end of January, while net inflows totalled USD0.8bn in the corresponding period of last year.
20/05/2010

Korea Investment Corp scales up allocation to alternative assets

The South Korean sovereign fund, the Korea Investment Corporation (KIC), is planning to increase its allocation to alternative investments to 20% of its portfolio, from 7% currently. Asian Investor reports that the chief investment officer at KIC, Scott Kalb, estimates that “we are at the beginning of a positive cycle in distressed debt,” particularly in real estate, credit, and private equity. Last year, the fund earned returns of 18.7%, but it lost 13.7% in 2008. Since its launch in 2005, the fund has earned gains of 12%. KIC will initially go overweight in venture capital and LBO.
20/05/2010

SG Private Banking adds to wealth management staff in France

Société Générale Private Banking has announced the opening of two new regional centres in Strasbourg and Rennes. The centres, located at 29 boulevard Tauler in Strasbourg and 14 rue Le Bastard in Rennes, will be directed by Benoît Teutsch and Frédéric Largeron, respectively. Société Générale Private Banking has been present in the French provinces since 2008, with offices in Bordeaux, Lyon and Marseilles, and in Lille since 2009. Société Générale Private Banking will offer assistance to executives, entrepreneurs and those in the liberal professions in the sale or transmission of their businesses, and will also offer them high-end services. It will also offer high net worth clients located in the provinces access to the full range of investments and financial services.
20/05/2010

F&C strengthens distribution capacities in Italy

The British publicly-traded management firm F&C Investments has announced that it has signed a distribution agreement with Allfunds Bank, which will allow it to strengthen its presence on the Italian market. F&C already uses the Allfunds distribution platform in Spain and Latin America.
19/05/2010

Jupiter veut retenir les talents avec son IPO

La société de gestion britannique Jupiter (19,5 milliards de livres d’encours) a confirmé mardi son intention de s’introduire en Bourse, à Londres, d’ici à fin juin. L’opération porte sur l'émission de nouvelles actions à hauteur de 220 millions de livres et la vente de titres par certains actionnaires de la société. Néanmoins, les employés de Jupiter et TA Associates conserveront une part importante du capital après l’introduction en Bourse.Jupiter a l’intention d’utiliser le produit de l'émission de nouvelles actions pour rembourser des titres subordonnés, réduire son endettement bancaire et payer les coûts de l’offre. La société de gestion indique aussi que l’introduction en Bourse est un pas important de son développement et va renforcer sa capacité à retenir et attirer des talents.
19/05/2010

Nomination chez Citi Capital Advisors

Citi Capital Advisors vient de nommer Mahmood Noorani en qualité de gérant de portefeuille dans son équipe de gestion des stratégies global macro, qui fournit les services de gestion d’investissement pour le CCA Global Macro Fund.Mahmood Noorani a une vingtaine d’années d’expérience, dont cinq années chez Blue Crest Management et quatre chez Credit Suisse.
19/05/2010

Deux gérants de Schroders sur le départ

Selon les informations de Citywire, Ian Lance et Nick Purves, le duo gérant le Schroder Income, vont quitter la société pour rejoindre la boutique RWC Partners. Ils vont être remplacés par Nick Kirrage et Kevin Murphy.
19/05/2010

Quatre gérants de LODH rejoignent IMC AM

Selon Citywire, une équipe de gérants crédit de Lombard Odier Darier Hentsch (LODH) a quitté la société pour rejoindre IMC asset management, une boutique néerlandaise spécialisée dans l’obligataire. Il s’agit de Rodrigo Araya, d’Oscar Jansen, de Robert Manning et de Henk Wiersman.
19/05/2010
Fonds

Sabre lance une version Ucits de son fonds d'arbitrage

Sabre Fund Management devrait lancer courant juillet un fonds au format OPCVM III qui donnera pour la première fois accès à sa stratégie equity market neutral, le Sabre Style Arbitrage Fund. Depuis son lancement en 2002, ce fonds a dégagé un rendement annuel de 8,2%.Le fonds, qui fera ses choix d’investissement dans un univers de 1.500 sociétés, a un objectif de rendement compris entre 8% et 12% par an.
Fonds

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